Dubai says the DFSF has appointed a "chief restructuring officer" to oversee Dubai World and will ask creditors for a six-month delay in payments by the company and its property-development unit, Nakheel

Dubai announces that it will sell $10bn in bonds to Abu Dhabi, paying off $4.01bn owed to Nakheel bondholders and using remaining $5.9bn to service debt and pay contractors, contingent on Dubai World obtaining creditor agreement to its proposed 6-month standstill

"Comprehensive and timely analysis of the public finances is complicated by shortcomings in reporting. The government’s published fiscal account significantly understates the overall fiscal position as it omits investment income earned on the government’s financial assets and the profits of ADNOC, which are paid directly to the government’s fund management arms without going through the budget. Furthermore, there is no published data on the level of the government’s assets and any unpublished information on the public finances is treated as confidential. For the purposes of this report, we have included Moody’s estimates of the government’s investment income and the profits of ADNOC based on IMF data and our own internal estimates in order to present a more complete fiscal picture."